Average Weekly Hours of All Employees: Construction in Minnesota
Annual
SMU27000002000000002A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
39.60
Year-over-Year Change
-0.50%
Date Range
1/1/2007 - 1/1/2024
Summary
The Annual trend measures the average annual earnings of employees in the United States. This metric is a key indicator of economic well-being and productivity.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
The Annual trend represents the average annual pay for all employees in the U.S. economy. It is a widely used statistic for analyzing income levels, cost of living, and labor market trends.
Methodology
The data is collected through surveys of businesses and households by the U.S. Bureau of Labor Statistics.
Historical Context
The Annual trend is closely monitored by policymakers, economists, and market analysts to assess the health of the U.S. labor market and broader economy.
Key Facts
- The annual average wage in the U.S. was $63,214 in 2021.
- Annual earnings have grown by an average of 3.4% per year over the past decade.
- The highest-paying industry is Management of Companies and Enterprises.
FAQs
Q: What does this economic trend measure?
A: The Annual trend measures the average annual earnings of employees across all industries and occupations in the United States.
Q: Why is this trend relevant for users or analysts?
A: The Annual trend is a key indicator of economic well-being and productivity, and is closely monitored by policymakers, economists, and market analysts.
Q: How is this data collected or calculated?
A: The data is collected through surveys of businesses and households by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: The Annual trend is used by policymakers to assess the health of the U.S. labor market and broader economy, and to inform decisions on economic policy.
Q: Are there update delays or limitations?
A: The Annual data is released with a lag of several months, and may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Annual (SMU27000002000000002A), retrieved from FRED.